In a long-awaited decision on January 27, 2022, a unanimous panel of the U.S. Court of Appeals for the Second Circuit reversed the convictions of Deutsche Bank (DB) derivatives traders Matthew Connolly and Gavin Black in a fraud case arising from the alleged manipulation of the London Interbank Offered Rate (LIBOR). In United States v. Connolly,[1] the two traders were charged with pressuring the DB department responsible for submitting estimates of interest rates used to calculate LIBOR to benefit the bank’s trading positions.… More